WSO2 Open Banking complies with the following regulations:
PSD2
PSD2 is the revised Payment Service Directive, which was mandated in 2016. It stems from PSD1, which was mandated in 2009. PSD2 requires Europe's banks to give regulated /wiki/spaces/OB200/pages/48629460 access to customers' account information and payment initiation with the customers' permission and consent.
Some benefits of PSD2 include:
- The customers can manage their finances using third-party applications, e.g., pay your bills using social media accounts.
- More consumer choices and better online and mobile payment methods.
- More opportunities for the financial technology companies to introduce new and innovative banking services.
- Enhanced payment security.
- Ability to standardize the payment systems and impose limits on transaction fees to ensure lower costs for the consumers.
GDPR
Excerpt lookup error: excerpt "GDPR" was not found on page "Key Concepts" (with ID 48629460) in space "OB200".
If you're experiencing issues please see our Troubleshooting Guide.
CDR
Excerpt lookup error: excerpt "CDR" was not found on page "Key Concepts" (with ID 48629460) in space "OB200".
If you're experiencing issues please see our Troubleshooting Guide.
Specific examples of the benefits of a CDR might include:
- Banking applications that analyse credit card customers spending and repayment behaviours to identify the best product for an individual, saving them money on high fees or obtaining better interest rates.
- Applications that help customers understand and manage their energy use to save money on their power bills.
- Comparison websites that identify a more appropriate internet or mobile phone plan taking into account each customer’s actual usage and budget.